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So what is no risk matched betting?

August 23rd, 2018 Home, Matched Betting

You’ve probably heard of matched betting by now but have you heard of no risk matched betting? Well it’s exactly the same thing as matched betting but focuses on offers that are completely risk free.

Generally matched betting does carry a risk as if you make a mistake when placing your bets you could lose money. Fast moving odds can also be a problem, especially for beginners. OddsMonkey aims to give you the tools and knowledge you need to make that a very unlikely scenario. By following our guides and tutorials we will have you on your way to making profits in no time. 

Most matched betting offers you will encounter are what we refer to as bet x get x. This means that for placing a bet with a bookmaker they will give you a free bet in return. We can use matched betting to take away the risk of the opening bet by laying it off at the exchange. If done properly you will come out of that bet with either no loss or a small loss/profit, depending on the odds. After that is done we can use the free bet to lock in a profit by backing and laying that bet as well. 

You can read more about matched betting and getting started here. 

There are some offers which can be classed as “risk free” though so I thought I would give you a brief introduction to them here. 

Risk Free Bets

There are offers in matched betting that we call risk free bet offers. Again though it’s only risk free if you do it correctly. These offers are when the bookmaker says “get a free bet if your bet loses”. So we can place a bet with the bookmaker and know that if our bet loses we will get a free bet. We can use the OddsMonkey risk free calculator to lock in a profit on these offers. By underlaying the bet at the exchange we can lock in a profit if our bookmaker bet wins. If the bookmaker bet loses we will be in a position of loss until we get our free bet. Once we back and the lay the free bet we will be in profit. So no matter what happens with the bet we are locking in profit. 

Risk free offers are a more advanced matched betting technique and should only be attempted once you understand the basics of matched betting. You will also need the risk free calculator which can be found inside the premium area of OddsMonkey here

Free Spins

Quite often bookmakers will offer us free spins, perhaps when they launch a new slot and want to get people playing it. This is another example of a risk free offer. We can log on to the bookmaker site, claim and play the free spins and walk away with any winnings we get. 

Some bookmakers will require you to wager your any winnings you get from free spins. As long as we only wager the money we have won and stop if that money runs out then the offer is risk free. The danger here is you keep spinning and spending real money. Remember matched betting is about locking in profits and not gambling. 

Some crafty bookmakers will use cash before your bonus as well. So lets say that you have £10 in your account and you win £5 from free spins, some bookmakers will start using your real cash before they start using the bonus balance. That makes it not risk free! In order to get around this you should withdraw any real cash before starting the offer. Not all bookmakers do this so withdrawing isn’t always necessary. We will let you know in the guide if you need to withdraw before starting an offer. 

No Deposit Bonuses

This is when we can sign up to a bookmaker or online casino and get some money to use without having to deposit any money. These offers are completely risk free but do carry large wagering requirements meaning the chances of actually walking away with a profit is pretty slim. However as we can sign up and play for free with no risk we might as well give them a go! Plenty of people do walk away with profits from these offers, so they are worth trying out if you have a few minutes to spare. 

Money back if you lose

This is another casino offer you will occasionally get offered. Quite often it is for slot machines. The offers usually work by letting you spend up to £10 on a slot machine and if you don’t win they will refund you in cash. That makes it a risk free offer, the trick here is knowing when to stop. If after a few spins you find yourself in profit we recommend you stop and walk away with your winnings. How much profit you choose to stop at is up to you.

Some offers require you to lose the full amount before you trigger a refund. In that scenario you will need to keep playing until you hit a win you are happy with or until you have lose the full amount. 

Sometimes the offer will include a clause that any refund must be wagered once before it becomes cash. That makes the offer not risk free but it is still usually good value to the player. 

Conclusion

So as you can see there are a few risk free offers in matched betting and as long as you do the offers correctly your cash is not at risk. Be sure to follow the guides carefully and check the terms and conditions of any offer before you start. 

OddsMonkey’s guides and tools can reduce the risk for all matched betting offers making it as easy as possible for everyone to make a profit. 

Here are some final tips on reducing your risk.

  • Follow the guides carefully. Read the guide and then read it again if you aren’t sure. Finally do each step one at a time until the offer is complete.
  • Use OddsMonkey support. Part of being an OddsMonkey member means you get access to our support team. We have a group of expert matched bettors ready to answer your questions and queries to get you on your way. Don’t be afraid to ask – that’s what we are here for. 
  • Use the tools! The OddsMonkey tools have been specifically designed to make things as easy as possible so use them!
  • Check the terms and conditions at the bookmaker. Every offer will have terms and conditions laid out. Some are really long and boring but they could be hiding something that will trip you up. If the offer is on OddsMonkey we will already have checked the terms for you and made you aware in the guide of any pitfalls. However it is still good practice to check them before you start as terms can change at any time. The most common thing to check for is wagering requirements.